Top 10 at 11: ASX edges higher as Trump-Musk spat escalates
Morning, and welcome to Stockhead's Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.
With the market opening at 10am sharp eastern time, the data is taken at 10:15, once trading kicks off in earnest.
In brief, this is what the markets have been up to this morning.
US-China trade talks advance
US President Trump says he's accepted an invitation to meet Chinese President Xi Jinping in China after the two discussed trade between their respective countries in a formal phone conversation.
On Truth Social, the US President said the call resulted in a 'positive conclusion for both countries' that had resolved questions surrounding the trade of rare earths.
The Chinese government's take on the call was a little less enthusiastic, stating that 'The US side should take a realistic view of the progress made and withdraw the negative measures imposed on China'.
On an ordinary day, news the two economic giants were closer to normalising trade relations would have boosted US markets.
Not today.
Elon-Trump relationship goes up in flames
It's the break-up we all saw coming.
Elon Musk and Donald Trump's relationship has very publicly turned sour in recent days, with the Tesla CEO claiming Trump couldn't have won the presidential election without his help, and Trump in turn threatening to withdraw government contracts for SpaceX and Tesla.
'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it,' Trump wrote on Truth Social.
Musk responded by threatening to decommission the SpaceX Dragon spacecraft, which brought stranded International Space Station astronauts home just weeks ago.
'In light of the President's statement about cancellation of my government contracts, SpaceX will begin decommissioning its Dragon spacecraft immediately,' he said.
Tesla's stock tanked fairly dramatically, plunging more than 14%. It's now down almost 25% for the year to date.
The Elon-Trump spat was enough to unsettle US markets, which all fell. The S&P500 dipped 0.5%, the Dow 0.3% and the Nasdaq shed 0.8%.
ASX opens marginally higher
Despite falls on Wall Street overnight, the ASX has nudged up slightly in the first hour of trade, adding 3 points or about 0.04% as of about 10:30 am AEST.
A 0.7% uptick in the oil price overnight has provided some support for the Energy sector, which is up 1% at time of writing.
The ASX 200 Resources index is also climbing, adding 0.33%, but gold stocks are dragging once again in response to a falling gold price, down 0.63%.
Fridays don't tend to be particularly energetic days of trading on average, and with six sectors down and five up, the market could go either way.
WINNERS
Code Name Last % Change Volume Market Cap
WC1 Westcobarmetals 0.028 87% 28953985 $3,110,692
LOC Locatetechnologies 0.15 36% 521762 $24,886,036
BMO Bastion Minerals 0.002 33% 52142513 $1,355,441
GMN Gold Mountain Ltd 0.002 33% 526889 $8,429,639
QXR Qx Resources Limited 0.004 33% 583144 $3,930,987
SRN Surefire Rescs NL 0.002 33% 1042535 $3,729,668
MEM Memphasys Ltd 0.006 33% 778755 $8,926,191
IS3 I Synergy Group Ltd 0.004 33% 150000 $1,502,290
EDE Eden Inv Ltd 0.0025 25% 610676 $8,219,762
PIL Peppermint Inv Ltd 0.0025 25% 204939 $4,552,180
In the news...
West Cobar Metals (ASX:WC1) has snapped up the Mystique gold project in the Fraser Range province of WA, right next door to Rumble Resources' (ASX:RTR) Themis prospect. RTR hit gold mineralisation of up to 4m at 22.2 g/t gold from 20 metres of depth at Themis, just 250 metres to the north of Mystique.
LAGGARDS
Code Name Last % Change Volume Market Cap
TEG Triangle Energy Ltd 0.002 -33% 204832 $6,267,702
KNB Koonenberrygold 0.043 -31% 10415895 $63,530,934
HLX Helix Resources 0.0015 -25% 594904 $6,728,387
ENT Enterprise Metals 0.002 -20% 1 $2,945,793
OVT Ovanti Limited 0.002 -20% 9636 $6,983,788
FBR FBR Ltd 0.005 -17% 341440 $34,136,713
HHR Hartshead Resources 0.006 -14% 947158 $19,660,775
TYX Tyranna Res Ltd 0.003 -14% 13331 $11,509,489
HFR Highfield Res Ltd 0.105 -13% 108105 $56,889,245
OLL Openlearning 0.015 -12% 117617 $8,205,469
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ABC News
an hour ago
- ABC News
Elon Musk deletes post claiming Donald Trump is 'in the Epstein files'
Elon Musk has deleted an allegation linking Donald Trump with convicted sex offender Jeffrey Epstein that he posted on social media this week. The tech billionaire alleged on Thursday that the Republican leader is featured in secret government files on former associates of Epstein, who died by suicide in 2019 while he faced sex trafficking charges. The Trump administration has acknowledged it is reviewing tens of thousands of documents, videos and investigative material that his "MAGA" movement says will unmask public figures complicit in Epstein's crimes. "Time to drop the really big bomb: (Trump) is in the Epstein files," Musk posted on his social media platform X, as his growing feud with the president boiled over into a spectacularly public row. "That is the real reason they have not been made public." Mr Musk did not reveal which files he was talking about, and offered no evidence for his claim. In fact, he wrote in a follow-up message: "Mark this post for the future. The truth will come out." However, he appeared to have deleted both tweets by Saturday morning. Supporters on the conspiratorial end of Trump's base allege that Epstein's associates had their roles in his crimes covered up by government officials and others. They point the finger at Democrats and Hollywood celebrities — although not at Trump himself. No official source has ever confirmed that the president appears in any of the material. The US president knew and socialised with Epstein, but has denied spending time on Little Saint James, the private island in the US Virgin Islands where prosecutors alleged Epstein trafficked underage girls for sex. "Terrific guy," Mr Trump, who was Epstein's neighbour in both Florida and New York, said in an early-2000s profile of the financier. "He's a lot of fun to be with. It is even said that he likes beautiful women as much as I do, and many of them are on the younger side." Just last week, Mr Trump gave Mr Musk a glowing send-off as he left his cost-cutting role at the so-called Department of Government Efficiency (DOGE). But their relationship imploded within days as Mr Musk described as an "abomination" a spending bill that, if passed by Congress, could define the president's second term in office. Mr Trump hit back in an Oval Office diatribe and from there the row escalated, leaving Washington and riveted social media users alike stunned by the blistering break-up between the world's richest person and the world's most powerful. With real political and economic risks to their row, both men appeared to inch back from the brink of all-out war on Friday, but the White House denied reports the pair were scheduled to speak on the phone. AFP
The Advertiser
3 hours ago
- The Advertiser
Pride march through Washington in defiance of Trump
LGBTQI people from around the world are set to march through the streets of Washington in a joyful celebration meant to show defiance to President Donald Trump's roll-back of queer rights. The parade route will come within one block of the White House grounds, marking one of the final main events of the weeks-long WorldPride celebration. On Sunday, a more political event, dubbed a rally and march, will convene at the Lincoln Memorial, a revered space in the US civil rights movement as the site of Martin Luther King Jr's I Have a Dream speech in 1963. Events will play out in the US capital in the wake of the Trump administration's measures to curtail LGBTQI rights. The Republican president has issued executive orders limiting transgender rights, banning transgender people from serving in the armed forces, and rescinding anti-discrimination policies for LGBTQI people as part of a campaign to repeal diversity, equity and inclusion programs. While proponents of DEI consider it necessary to correct historic inequities, the White House has described it as a form of discrimination based on race or gender, and said its transgender policy protects women by keeping transgender women out of shared spaces. Moreover, the White House said it has appointed some openly gay people to cabinet posts or judgeships, and noted that the Trump administration took steps to decriminalise homosexuality globally, and that its 2019 initiative "Ending the HIV Epidemic" aimed to cut HIV infections by 90 per cent by 2030. "The President is honoured to serve all Americans," White House spokesperson Harrison Fields said in a statement. Event organisers said they were unaware of any counter-protests or anti-LGBTQI demonstrations planned for Saturday or Sunday. The National Park Service, however, has decided to fence off Dupont Circle, a popular public space, until Sunday night at the request of the US Park Police, which said closure was necessary to "secure the park, deter potential violence, reduce the risk of destructive acts and decrease the need for extensive law enforcement presences". Capital Pride Alliance, which is organising WorldPride events, said it was "frustrated and disappointed" at the closure. "This beloved landmark is central to the community that WorldPride intends to celebrate and honour," the alliance said. "It's much more than a park, for generations it's been a gathering place for DC's LGBTQ+ community, hosting First Amendment assemblies and memorial services for those we lost to the AIDS epidemic and following tragic events like the Pulse nightclub shooting." LGBTQI people from around the world are set to march through the streets of Washington in a joyful celebration meant to show defiance to President Donald Trump's roll-back of queer rights. The parade route will come within one block of the White House grounds, marking one of the final main events of the weeks-long WorldPride celebration. On Sunday, a more political event, dubbed a rally and march, will convene at the Lincoln Memorial, a revered space in the US civil rights movement as the site of Martin Luther King Jr's I Have a Dream speech in 1963. Events will play out in the US capital in the wake of the Trump administration's measures to curtail LGBTQI rights. The Republican president has issued executive orders limiting transgender rights, banning transgender people from serving in the armed forces, and rescinding anti-discrimination policies for LGBTQI people as part of a campaign to repeal diversity, equity and inclusion programs. While proponents of DEI consider it necessary to correct historic inequities, the White House has described it as a form of discrimination based on race or gender, and said its transgender policy protects women by keeping transgender women out of shared spaces. Moreover, the White House said it has appointed some openly gay people to cabinet posts or judgeships, and noted that the Trump administration took steps to decriminalise homosexuality globally, and that its 2019 initiative "Ending the HIV Epidemic" aimed to cut HIV infections by 90 per cent by 2030. "The President is honoured to serve all Americans," White House spokesperson Harrison Fields said in a statement. Event organisers said they were unaware of any counter-protests or anti-LGBTQI demonstrations planned for Saturday or Sunday. The National Park Service, however, has decided to fence off Dupont Circle, a popular public space, until Sunday night at the request of the US Park Police, which said closure was necessary to "secure the park, deter potential violence, reduce the risk of destructive acts and decrease the need for extensive law enforcement presences". Capital Pride Alliance, which is organising WorldPride events, said it was "frustrated and disappointed" at the closure. "This beloved landmark is central to the community that WorldPride intends to celebrate and honour," the alliance said. "It's much more than a park, for generations it's been a gathering place for DC's LGBTQ+ community, hosting First Amendment assemblies and memorial services for those we lost to the AIDS epidemic and following tragic events like the Pulse nightclub shooting." LGBTQI people from around the world are set to march through the streets of Washington in a joyful celebration meant to show defiance to President Donald Trump's roll-back of queer rights. The parade route will come within one block of the White House grounds, marking one of the final main events of the weeks-long WorldPride celebration. On Sunday, a more political event, dubbed a rally and march, will convene at the Lincoln Memorial, a revered space in the US civil rights movement as the site of Martin Luther King Jr's I Have a Dream speech in 1963. Events will play out in the US capital in the wake of the Trump administration's measures to curtail LGBTQI rights. The Republican president has issued executive orders limiting transgender rights, banning transgender people from serving in the armed forces, and rescinding anti-discrimination policies for LGBTQI people as part of a campaign to repeal diversity, equity and inclusion programs. While proponents of DEI consider it necessary to correct historic inequities, the White House has described it as a form of discrimination based on race or gender, and said its transgender policy protects women by keeping transgender women out of shared spaces. Moreover, the White House said it has appointed some openly gay people to cabinet posts or judgeships, and noted that the Trump administration took steps to decriminalise homosexuality globally, and that its 2019 initiative "Ending the HIV Epidemic" aimed to cut HIV infections by 90 per cent by 2030. "The President is honoured to serve all Americans," White House spokesperson Harrison Fields said in a statement. Event organisers said they were unaware of any counter-protests or anti-LGBTQI demonstrations planned for Saturday or Sunday. The National Park Service, however, has decided to fence off Dupont Circle, a popular public space, until Sunday night at the request of the US Park Police, which said closure was necessary to "secure the park, deter potential violence, reduce the risk of destructive acts and decrease the need for extensive law enforcement presences". Capital Pride Alliance, which is organising WorldPride events, said it was "frustrated and disappointed" at the closure. "This beloved landmark is central to the community that WorldPride intends to celebrate and honour," the alliance said. "It's much more than a park, for generations it's been a gathering place for DC's LGBTQ+ community, hosting First Amendment assemblies and memorial services for those we lost to the AIDS epidemic and following tragic events like the Pulse nightclub shooting." LGBTQI people from around the world are set to march through the streets of Washington in a joyful celebration meant to show defiance to President Donald Trump's roll-back of queer rights. The parade route will come within one block of the White House grounds, marking one of the final main events of the weeks-long WorldPride celebration. On Sunday, a more political event, dubbed a rally and march, will convene at the Lincoln Memorial, a revered space in the US civil rights movement as the site of Martin Luther King Jr's I Have a Dream speech in 1963. Events will play out in the US capital in the wake of the Trump administration's measures to curtail LGBTQI rights. The Republican president has issued executive orders limiting transgender rights, banning transgender people from serving in the armed forces, and rescinding anti-discrimination policies for LGBTQI people as part of a campaign to repeal diversity, equity and inclusion programs. While proponents of DEI consider it necessary to correct historic inequities, the White House has described it as a form of discrimination based on race or gender, and said its transgender policy protects women by keeping transgender women out of shared spaces. Moreover, the White House said it has appointed some openly gay people to cabinet posts or judgeships, and noted that the Trump administration took steps to decriminalise homosexuality globally, and that its 2019 initiative "Ending the HIV Epidemic" aimed to cut HIV infections by 90 per cent by 2030. "The President is honoured to serve all Americans," White House spokesperson Harrison Fields said in a statement. Event organisers said they were unaware of any counter-protests or anti-LGBTQI demonstrations planned for Saturday or Sunday. The National Park Service, however, has decided to fence off Dupont Circle, a popular public space, until Sunday night at the request of the US Park Police, which said closure was necessary to "secure the park, deter potential violence, reduce the risk of destructive acts and decrease the need for extensive law enforcement presences". Capital Pride Alliance, which is organising WorldPride events, said it was "frustrated and disappointed" at the closure. "This beloved landmark is central to the community that WorldPride intends to celebrate and honour," the alliance said. "It's much more than a park, for generations it's been a gathering place for DC's LGBTQ+ community, hosting First Amendment assemblies and memorial services for those we lost to the AIDS epidemic and following tragic events like the Pulse nightclub shooting."
News.com.au
7 hours ago
- News.com.au
What's driving China's hunger for Aussie beef as exports soar
Grain-fed beef exports to China have ballooned more than 40 per cent this year – and it's not only because of the Asian superpower's trade war with the US. Australia has broken records in the beef export industry so far in 2025, up 15 per cent year-on-year, to reach more than 567,000 tonnes by May. Among the biggest movers has been grain-fed exports to Greater China – which includes Taiwan and Hong Kong – rising 41 per cent to 57,000 tonnes alone. Overall beef exports to Greater China are up 30 per cent this year, rising to 117,000 tonnes in the latest data. These figures reveal how Australian beef exporters have been a big winner of Beijing and Washington's ongoing trade war sparked by Donald Trump's tariff regime. Meat & Livestock Australia general manager of markets Andrew Cox explained the uptick in trade to China had also coincided with a repairing of the political relationship between the two countries in recent years. China only lifted the last of its unofficial trade sanctions on Australian products like meat, wine and barley in December last year, which stemmed from tensions between Beijing and the previous federal government. 'And then of course, more recently, there's been some increased demand because our key competitor in that premium space in China, the US, has been effectively shut-out due to the trade relationship between China and the US.' China previously imported AU$2.5 billion worth of American meat but those products have virtually disappeared from supermarket shelves since Mr Trump's 'Liberation Day' as both countries hit each other with tariffs above 100 per cent. The growing middle class China's growing middle class and rising incomes have seen beef become a more popular source of protein – particularly premium cuts like wagyu – than it was historically. A snapshot collated by Meat & Livestock Australia shows 74 per cent of affluent Chinese consumers believe Australian beef is 'the most delicious', while it also scored highly for freshness and safety. Mr Cox, who has been in the industry for 20 years, said he remembered when Chinese trade figures were a 'rounding error' on the export database. 'Now they're the world's biggest beef importer and it's got more runway to grow,' he said. 'We've seen urbanisation, an emerging and growing middle class numbering in the hundreds of millions. And they have a demand for quality and safe protein.' Tammi Jonas, a farmer and spokeswoman for the Australian Food Sovereignty Alliance, predicted China to hoover up Aussie beef after the tariffs were announced in April. 'China has just turned immediately and said, 'Yep, that looks great. We'll have more Australian beef',' she told this week. Ms Jonas, however, has also warned of the potential for beef prices in Australian grocery stores to go up as exporters send more stock overseas. 'China buys a full range of everything from cheaper cuts to the more expensive ones,' she said. 'They have a rapidly growing middle class, so they demand more of the premium beef than historically they did. 'And Japan is the same, they both like a lot of the premium cuts from here. 'So that's direct competition with premium cuts in Australian supermarkets.' Tariffs and US trade The US President, in his April 2 speech, singled out an unbalanced beef trade as justification for slapping a blanket 10 per cent tariff on all Australian-made products. 'They won't take any of our beef. They don't want it because they don't want it to affect their farmers and, you know, I don't blame them, but we're doing the same thing right now, starting at midnight tonight,' Mr Trump said. Despite this, US importers have taken in 167,000 tonnes of Australian beef in 2025 – with its 32 per cent growth outstripping that of China. Australia's meat exports to the US totalled around $4 billion in 2024, while America has been dealing with drought conditions that have squeezed domestic cattle supply. It was revealed on Friday that the Australian government was considering relaxing biosecurity laws to allow more American beef into the country as part of tariff negotiations. Beef from the US was banned in 2003 after the breakout of mad cow disease, and since 2019 there have been strict conditions for meat products to enter Australia. The move has seen some pushback from farmers, with National Farmers Federation president David Jochinke telling the Sydney Morning Herald that protecting biosecurity was paramount for the industry. 'Let's be abundantly clear, our biosecurity isn't a bargaining chip,' he said. 'We have the world's best standards, backed by science, and that's how it needs to stay.' Cattle Australia chief executive Chris Parker on Friday said US beef producers have had access to Australian markets since 2019, provided they could show animals were born raised and slaughtered in the US. 'Our position is that the US needs to be able to demonstrate it can either trace cattle born in Mexico and Canada, or has systems that are equivalent to Australia's traceability, before imports of meat could occur from non-US cattle,' Dr Parker said. 'Cattle Australia is in ongoing communication with the Federal Government regarding this issue and the vital importance that our science-based biosecurity system is not compromised as part of trade discussions with any country.' Domestic prices So far beef prices has remained steady for farmers, as demand from importers means strong paydays along the supply chain, Ms Jonas said. 'The big exporters (in Australia) are rubbing their hands and just filling that market rapidly,' she said. 'And the more that market opens up, the more pressure it puts on domestic pricing. 'So supermarket beef, like we like we said several months ago, supermarkets beef is definitely going to keep going up in price.' Mr Cox said predicting prices was like weather forecasting but added that Australia already exported 75 per cent of the beef produced here. 'For the Australian farmer to be sustainable for that cultural sector, we need customers all around the world,' he said. 'We produce more food than we eat domestically and we're highly reliant on export markets.'
